【编者按】 站在"十五五"开局元年即将到来之时，我们关注如何推动中国式创新，发展新质生产力？破茧成蝶的路 上，中国企业家如何面对不确定性？又需要有怎样的精神内驱特质？ 自动驾驶出租车：安全吗？ 一场"无人"的马拉松：如何从0到1？ 这场突破背后是海量的复杂场景训练。小马智行在这场长跑中是已经积累了近6000万公里驾龄的"老司 机"。 回忆起公司发展历程中最激动的时刻，彭军的答案出人意料地具体到2022年底北京那个飘着小雪的日 子。那天启动无安全员的全无人运营测试，第一次实现了真正意义上"驾驶座空无一人"的突破。"有没 有安全员是0和1的本质区别。"彭军解释道。 T型战略布局：生根与拓展的双轨并行 无人驾驶出租车赛道上并不缺乏玩家。从萝卜快跑、文远知行到滴滴，从广汽、上汽集团到比亚迪，产 业链的四大领域：获客平台、AI司机、车辆生产和运营保养都会遇到对手和伙伴。小马智行该如何定 位自身角色？如何谋势布局？ 面对未来两三年规划，小马智行推出"T型战略"。纵向维度聚焦核心市场生根，提升服务密度。"如果路 上车太少，用户等半小时才叫到车，体验就无从谈起。"横向则指向更广阔的城市拓展，通过与地方政 府合作推动政策创新， ...

Core Insights - The seminar on "High-Quality Development of Industrial Digital Finance" highlighted the need for digital technology to upgrade supply chain finance and address the challenges faced by small and medium-sized enterprises (SMEs) in their digital transformation and financing difficulties [1] Group 1: Challenges Faced by SMEs - SMEs are crucial to the national economy but face multiple obstacles in digital transformation, with over 60% still in the early stages [2] - Issues such as small scale, weak position in the supply chain, and lack of transparency in financial information hinder SMEs' ability to secure loans [2] - The high costs and long cycles of digital transformation investments necessitate the use of big data and cloud computing for comprehensive credit assessments by financial institutions [2] Group 2: Role of Industrial Digital Finance - Industrial digital finance reconstructs the credit ecosystem for SMEs, providing diverse financial service paths based on digital credit [3] - It integrates various types of credit (subject, transaction, data, and material) to spread risk and extends services to the entire supply chain [3] - The "T-shaped strategy," combining IT and operational technology, is essential for addressing transformation challenges [3] Group 3: Policy and Market Collaboration - Despite initial successes, industrial digital finance faces challenges such as insufficient platforms and trust in technology, requiring coordinated policy and ecosystem development [4] - Recommendations include accelerating SMEs' digital transformation, expanding pilot cities, increasing financial support, and establishing risk-sharing mechanisms [4][5] - There is a call to ensure SMEs' freedom of choice in financial services and to regulate various fee standards to prevent increased financing costs [5]

风险提示：原材料价格上涨风险，房企信用风险蔓延风险，市场竞争加剧风险，错峰停窑强度不及预期 风险。 2015-2023 年公司水泥熟料平均吨毛利、吨净利分别为110.0、89.8 元，较代表水泥上市公司均值分别高 19.7、39.3 元，成本优势凸显。我们认为公司极强的成本优势主要源于：1）"T 型战略"卡位资源和需 求，区位优势明显；2）总产能和单线产能规模均位于行业第二，规模化优势凸显；3）垂直一体化拓展 骨料和商混，与水泥协同性较强，进一步加固成本优势；4）费用管控能力较强。 投资建议：行业景气改善及估值有优势，给予"买入"评级我们预计公司2025-2027 年营业收入分别为 922/947/974 亿元， 分别yoy+1%/+3%/+3%；归母净利润分别为84/96/107 亿元，分别 yoy+9%/+14%/+11%。 EPS 分别为1.59/1.82/2.01 元，3 年CAGR 为12%。绝对估值法测得公司每股价值为30.20 元，可比公司 2025 年平均PE 为17.0 倍。鉴于行业景气改善下公司利润有望持续修复，综合绝对估值法和相对估值 法，首次覆盖，给予公司"买入"评级。 投资要点 复盘 ...